Rakesh Jhunjhunwala, nicknamed India’s Warren Buffett, dies at 62

new delhi Rakesh Jhunjhunwala, a veteran stock market investor and India’s Warren Buffett, died Sunday in Mumbai. 62-year-old Forbes placed the business magnate’s net worth at $5.8 billion. “Rakesh Jhunjhunwala was fearless. He left an indelible mark on the financial sector “Modi condoled with Jhunjhunwala’s family on Twitter.

His cause of death is unknown, however he reportedly had many health difficulties. Jhunjhunwala, a professional accountant from Rajasthan, started investing in college with $63 (5,000 rupees). He founded and managed asset management business RARE Enterprises. His net wealth steadily grew, and he invested in some of India’s top enterprises.

Last week, he helped start low-cost Akasa Air. Local media said Jhunjhunwala attended in a wheelchair.

His death “extremely devastated” the company. “We at Akasa cannot thank Mr. Jhunjhunwala enough for being an early believer in us,” the company added.

Jhunjhunwala was notorious for taking chances on the Bombay Stock Exchange.

Finance Minister Nirmala Sitharaman called him a “leader” who believed in India’s strength and progress.

Jhunjhunwala told CNBC-TV18 last week that “the Indian market would develop, although slowly” despite global economic difficulties.

His wife and children survive him.

Jhunjhunwala wanted to trade till his last day; 3 things he wished to do before God took him away

“I will work until my final day. Jhunjhunwala remarked in an interview two years ago about his retirement intentions after reaching 60, “I beg to God that whenever you take me, let me do my yoga, have a nice breakfast, come to the office, do some trading, and in the evening, go have two decent drinks.”

The famed investor, frequently likened to Warren Buffett, stated he wasn’t terrified of death. “I don’t know. It’s unforeseeable. Modeling isn’t knowing. Unavoidable. Death…? He’d stated death is perpetual sleep.

“I want my kids to experience life. I don’t think wealth brings happiness, and my idea of a prosperous man is different. Rich men have more than they need, in my opinion. Not like me! I want them to enjoy life and be decent citizens, he remarked.

Jhunjhunwala gave away 20-25% of his wealth.

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